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Countrywide and Intent to Accelerate
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I recently received the below question from someone who reads one of my other blogs–KeepMyHouse.com. In short, without going into too much detail, I think Flipping Frenzy readers–especially those of you who closely follow Countrywide–might appreciate knowing about this:
Question: We are a disabled couple who had a serious re-model which had to be done—-we were Countrywide customers, and never late with a payment. They made us come back 4 times in 4 years to get the funds, and they falsified our income. (I have the documents.) Now, they are sending me notices of ‘intent to accelerate’ and will not tell me what will happen if I cannot pay them the entire amount. They knew we were on fixed incomes, but went ahead each time as if we had all the money in the world. What can I do to?
Answer: Without knowing more, it sounds like you may have a cause of action against Countrywide. I’m not an attorney, but you may want to speak with one about your situation.
If you do not pay and they accelerate the loan, that means you have to come up with the full unpaid principal balance plus delinquencies and costs. If you don’t pay; Countrywide can foreclose. Depending on what state you’re in, that can take the form of a judicial foreclosure or a non-judicial foreclosure. You should find out what the foreclosure laws are in your state and familiarize yourself with the timeline for these proceedings.
Another approach you can take is to hire a company to complete a fraud and predatory lending audit on your loan documents, income, etc. This will cost you some money up front, but if it proves what you expect it to, you can then use that information to contact Countrywide and hopefully secure a modification to truly affordable payments. This audit will also be advantageous should you need to pursue legal action or arbitrate a settlement. The “bad acts” and documentation supporting those bad acts will be important when an attorney is deciding whether or not you have a legitimate claim against Countrywide.
You can always take the inexpensive road first. Try qualifying for a loan modification by calling Countrywide.
Make sure you explain your financial situation and have your income and expenses available and organized before you call. The modification rules have changed a bit under the Obama Plan, so you might find yourself qualifying for help.
There are also some other programs that can help you reinstate and come current. Ask Countrywide when you call whether you can qualify for the HomeSaver Advance Program–a loan that can be used to cure delinquencies and reinstate. It won’t solve the payment problems if you can’t afford to make your monthly payment, but it may allow you to avoid an immediate foreclosure and give you some time to investigate other ways to keep your house.
What ever you decide, act quickly, there may be a temporary moratorium on foreclosures but that will not last forever.
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I too was a victim of Countrywide and I had The Mortgage Fraud team do a Fraud and Predatory Lending Audit on our loan. Our loan was riddled with fraud. I would have never known what I was looking at, but The Mortgage Fraud Team knew exactly where Countrywide had blatantly pushed our loan through with fraud. It is worth spending the time and effort finding out your rights! Our case is still in court but we are still in our beloved farm.
Comment by Jean Sample — June 20, 2009 @ 8:35 am
Jean! I was wondering what happened to you. Haven’t seen you since you last posted that you were going to court again. How are things coming along?
Comment by Dawn — June 20, 2009 @ 3:30 pm
Jean, I too have been wondering what happened. Very happy to hear that you are still on your farm. What is the status of your case and what is the next hearing for?
Also, I would like to print your story in my other blog (link below), TheForeclosureDetonator. I urge people to fight their foreclosure as many are illegally being done. Please contact me. Thanks and again, good to hear from you.
Comment by Larry Rubinoff — June 20, 2009 @ 4:03 pm